Breach of Fiduciary Duty in California
Learn about Your Executor Responsibilities
When you take on the job of executor in a
probate administration, the
administration of an estate, a
guardianship or as the
trustee of a trust, you are stepping into the role of a
fiduciary. The word comes from the Latin
fides, "trust," and it describes a person who has been appointed and
authorized to manage another person's assets and to act on his or
her behalf. This means you have the highest duty of care with regard to
the estate or your ward. You have a number of legal responsibilities which
must be upheld in your role as a fiduciary, and failure to fulfill them is a
breach of fiduciary duty. This can get you in trouble with the
probate court and it may even lead to criminal charges. An Orange County estate planning
lawyer can guide you throughout the process to ensure that your management
is above reproach.
Avoid Conflict of Interest
Avoid investing estate funds in businesses in which you have a personal
interest. Do not hire yourself or family member to perform tasks at exorbitant
fees. Avoid profiting from your position in any way.
Do not put a ward in a substandard or expensive nursing home just because
it is owned by a friend. Look at the decision from your ward's perspective
and find an optimum solution.
Do Not Commingle Funds
Set up a separate bank account for the estate and put the estate's
name on it. Do not dip into the funds for a personal loan to yourself
or a friend. Keep meticulous records of every transaction so that you
can be fully accountable in the event of an audit or request for records.
Do Not Neglect Your Duties
If you are caring for a ward, be faithful to your duties and be there
when needed. If you are administering an estate, perform needed actions
in a timely manner and show up at any and all court proceedings.
Take Action Over Breach of Fiduciary Duty
Our firm also represents individuals and families against fiduciaries who
have violated their duties or failed to uphold their responsibilities.
Whether you are a beneficiary or trustee, or if you are concerned about
the administration of the guardianship of a loved one, you can come to
us to explore your legal options for correcting the situation and holding
the fiduciary accountable for the breach of trust. As mentioned above,
breach of fiduciary duty is not merely a personal dispute: it is a matter
with serious legal implications, and you have rights in the situation.
Retain a Lawyer with 40+ Years of Experience!
Our attorney has counseled clients against breach of fiduciary duty for
more than 40 years. P. Arnsen Blakely is an
estate planning firm that has been serving Orange County, California since 1971. When
we undertake representation of a client in
probate administration, estate administration or guardianship, we make sure they
have a full understanding of their fiduciary duties. We are also available
to answer questions as they go about their duties. In short, we can stand
by you throughout the entire process, advising you of how to proceed and
helping you to avoid unnecessary complications.
Contact our estate planning attorney in Orange County for a
free consultation to discuss the situation and learn more about how we can help.